Nifty-Intra Day Chart (19-Jun-2013):-
Technical Patterns and Formations in today intraday charts
1- Bullish Inverse Head and Shoulder formation.
2- Up moves in Bearish Rising Channel.
3- Whole day actual trading between 5778-5828
Bullish Inverse Head and Shoulder formation in first 2 hours and after that whole day up moves in Bearish Rising Channel. As good selling in previous 2 sessions therefore only down moves were told it was seen yesterday and Nifty traded most time in negative zone. As soon as Bullish Inverse Head and Shoulder formation developed then also it was updated at at 11:15 AM in Mid-session Outlook and Nifty moved up whole day as well as closed near the higher levels but Bearish Rising Channel formation developed also.
Although US markets tumbled after FOMC statement but as per our view it was overreaction and as such no negative declaration. As sentiment dampened today therefore all round Global market weakness cant be ruled out today and Indian markets will not be spared also. Technically Indian markets are prepared for down moves because good selling in previous sessions but valid break down below yesterday lowest(5778) should also be watched for more down moves confirmations because above mentioned Bullish formation seen yesterday.
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1- Bullish Inverse Head and Shoulder formation.
2- Up moves in Bearish Rising Channel.
3- Whole day actual trading between 5778-5828
Conclusions from intra day chart analysis
Bullish Inverse Head and Shoulder formation in first 2 hours and after that whole day up moves in Bearish Rising Channel. As good selling in previous 2 sessions therefore only down moves were told it was seen yesterday and Nifty traded most time in negative zone. As soon as Bullish Inverse Head and Shoulder formation developed then also it was updated at at 11:15 AM in Mid-session Outlook and Nifty moved up whole day as well as closed near the higher levels but Bearish Rising Channel formation developed also.
Although US markets tumbled after FOMC statement but as per our view it was overreaction and as such no negative declaration. As sentiment dampened today therefore all round Global market weakness cant be ruled out today and Indian markets will not be spared also. Technically Indian markets are prepared for down moves because good selling in previous sessions but valid break down below yesterday lowest(5778) should also be watched for more down moves confirmations because above mentioned Bullish formation seen yesterday.